If you must run Office on Lion 10.7.5, be sure to install the final update package Microsoft Office 2011 14.7.7 Update , which includes the last known stability and compatibility fixes for that OS.
These versions relied on "Rosetta," a technology Apple removed in OS X Lion. Consequently, Office 2004 will not run on 10.7.5. System Requirements for Office 2011 Microsoft Office For Mac Os X Lion 10.7.5